Top 7 predictions to position entrepreneurs for advantage in 2023
The corporate environment is undergoing fast change as a result of new technologies, shifting client needs, societal changes, and the COVID-19 pandemic. Location-independent businesses, specialty markets, disruptive sectors, as well as closely-knit international teams, were made possible by these characteristics. To take advantage of what these developments have to offer, you must stay informed about new trends in entrepreneurship.
To position you for advantage in 2023 and beyond, we have gathered some data on the top predictions and industry trends. This will make it simpler for you to comprehend how adjustments may affect your business ventures and to adjust your methods as necessary. As a result, you can maintain your competitive edge and keep your firm growing in the face of changing times. Let’s begin
- Business from Home
We first noticed the rise of digital nomadism a few years ago (Forbes). A sizable portion of the workforce has opted to work from home or to continue working multiple freelance jobs. This is a doorway to entrepreneurship, as many people can confirm. Many people who begin freelancing eventually launch their own consulting or professional services firm. Additionally, this increases the employment options for other established entrepreneurs. Entrepreneurs may be able to save money on electricity, overhead, and equipment maintenance by using remote labor. A form of remote work called digital nomadism involves the employee living as a nomad. Because of the nature of their industry or area of expertise, they can essentially operate remotely from anyplace.
For many business owners, especially those who are just starting out, running a company remotely has become standard practice. Meanwhile, more seasoned business owners will probably employ more remote employees to staff digital touchpoints. With the rise of online purchasing, the pervasiveness of social media use, the impending rollout of 5G networks, and the more advanced computers on the market, it appears that a physical location is no longer necessary for establishing a successful business. Transactions can be readily facilitated from the convenience of your home or from almost anywhere in the world.
- Mobile Commerce
Reaching out to clients wherever they are rather than expecting them to come to you seems to be a guiding principle of modern business. This fits into the current, widespread, and powerful trend of customer-centricity. And today’s consumers are connected to their phones for a sizable amount of the day. On average, people use their phones for three hours and fifteen minutes every day. The majority of Americans also check their mobile phones on average 96 times every day, or at least once every ten minutes. Therefore, astute businesspeople take advantage of this. Entrepreneurs can now work from the comfort of their homes to make inroads against their powerful rivals.
In the US, mobile commerce is anticipated to represent 1 out of every 6 dollars spent on retail (Marketing Charts, 2021). Market observers anticipate a sharp increase in overall e-commerce sales during this time period and beyond. Therefore, business owners and startups should be aware of this trend.
- Increasingly Niche Markets
Most people aspire to be distinctive. Everyone agrees that this is their preference. For instance, a growing percentage of consumers need products that can sometimes be customized and are very specific. To put it another way, this is where a customer-centric approach will end up. Additionally, a high degree of client centricity fosters the growth of increasingly niche sectors.
For instance, consider the food sector. Nowadays, several industry goliaths cater to specific customer needs. In addition, fashion collaborations are commonplace. These supply specialized goods to niche markets, such as shoes. Some individuals could even dislike the shoe company itself. They have the same admiration for the co-designer of the shoes. They purchase as a result. They so belong to the limited group of individuals who buy whatever the artist does, whether it be music, movies, or shoes. Additionally, due to the pandemic, procedures and services previously in the background are now enjoying the limelight and are considered a convenience. Entrepreneurs must therefore monitor these niche trends.
Read Also: Top 10 areas to assess your business performance for 2022
- Growing Importance of Social Responsibility
Corporate social responsibility (CSR) initiatives are frequently viewed by businesses as merely another form of publicity stunt. Some businesses only have these divisions to maintain their public image. However, this has altered in the era of social media. People frequently find and distribute information quickly. Thus, sincerity is immediately discernible. It can occasionally be simply produced as well. Real digital pushback exists. Whether the information is accurate or not is immaterial. On some social media sites, such as Twitter, written words can indicate an increase or decrease in revenue.
Consequently, businesses are now paying more attention to how their activities impact their external stakeholders (e.g., the communities surrounding their operations and even non-customers affected by their products). Numerous business owners also profit from this trend. Now, socially conscious business is quite profitable.
- Green Businesses
Eco-friendly items are a target for many business owners. Today’s portion is quite large. According to the World Forum Disrupt, the eco-conscious movement affects a variety of industries, including recycling operations, energy efficiency auditors, green consulting, and green app development. Also included in this are the previously stated green products.
Consumers’ psyches have been impacted by environmentally concerned policies, products, and information campaigns. In reality, the pressure is causing the car industry, which is blamed for much of the pollution, to move toward sustainability.
We anticipate seeing more companies that target this market as the green movement gradually gains popularity. Additionally, youthful business owners may profit from this trend. Engineers and accountants are two professionals who can launch green consulting firms. Delivery of organic food is also popular. It is actually not that difficult to come up with green business ideas. They can include expert services like solar panel installation or eco-friendly merchandise.
- Increasing Diversity
Diversity is in high demand right now. This applies to more than just the media we watch. It also pertains to and is about a wider corporate environment. Diversity has existed, though, forever. It’s just not cherished and acknowledged as much as it is now. There are numerous benefits for businesses. However, many believe that diversity is still needed. Minority groups still frequently lack equal possibilities for success. Consider the fact that, in 2019, just 9% of all venture capital (VC) investments were made in businesses that were created by women or by women and people of different sexes.
Additionally, statistics reveal that in 2019 there was just one Latina woman and one Black woman who was a VC partner. However, many companies and business owners will probably use diversity as a criterion in the upcoming years as social responsibility rises upward. One could counter that this trend is more of a cultural change than a true pragmatic necessity. But in the next years, there might be pressure to increase diversity at work. Because of this, it is a practical worry for businesses and entrepreneurs alike.
- Adoption of Disruptive Technology
For many years, disruption has been a popular term. It is being flung around carelessly in various industries, especially when COVID-19 arrived and “disrupted” the commercial world. According to the authors’ original aim, a product or service can only cause a disruption when it establishes a foothold in basic applications at the bottom of a market. Then, it advances up this market, eventually displacing more seasoned rival companies. Additionally, innovations are only disruptive when they give a completely new group of consumers at the bottom of the market access to goods or services that were previously out of reach for them. Disruptive innovations democratize products, services, and the advantages associated with them as a result.
Uber and Airbnb, for example, are examples of disruptive technologies. The same is true of SaaS, which promotes globalism and digital nomadism and enables for remote employment. Social commerce can also be viewed as a disruptive technology. Customers can avoid traditional e-marketplaces controlled by expensive internet merchants.
However, because these disruptive technologies present both fresh opportunities and challenges to both incumbent organizations and new entrepreneurs, they are both aware of them. The fact that entry into their industry is becoming more affordable is one danger to more established business owners. Consider how the suppliers of Airbnb would reduce hotel revenue. Actually, Airbnb outperformed Hilton and is now regarded as the most valuable travel and leisure brand.
New entrepreneurs are also at risk from these technologies. This is due to the fact that more established companies can also benefit from these disruptive technologies. They can benefit from digital subscription plans and remote working tools. They free up funds as a result to spend on other brand-related initiatives. Thus, more established businesses may potentially benefit from greater competitive advantages over start-ups. They only need to look for them in the appropriate locations. Additionally, many of those locations are in innovative SaaS systems that smaller business owners employ for online sales and customer service.
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